The Employee Offer of Indian Oil Corporation Limited (IOCL) got unprecedented response

The Employee Offer of Indian Oil Corporation Limited (IOCL) got unprecedented response from the employees as nearly 40% of the employees participated in the offer and applied for 53.17% of 1,21,39,762 shares offered for allotment; This is highest ever employee participation in disinvestment process of any company post OFS.


The Employee Offer of Indian Oil Corporation Limited (IOCL) got unprecedented response from the employees as nearly 40% of the employees participated in the offer. Employees grab this opportunity of employee offer and applied for 53.17% of 1,21,39,762 shares offered for allotment. This is highest ever employee participation in disinvestment process of any company post OFS. The employees participation in the disinvestment process of Government of India, gives the sense of belongingness to the company. The offer of shares by Government to eligible employees of IOCL was carried out from 2.5.2016 to 10.5.2016. The Government expects to realize Rs. 237 crore.

The employee offer was pursuant to the decision of the Government to disinvest 10% paid up equity out of Government of India shareholding in Indian Oil Corporation Limited (IOCL), on 13.5.2015. The Government had approved that shares may also be allotted to the eligible and willing employees of the Company up to a maximum of 0.5% of the paid up equity capital at a discount of 5%.

The OFS of IOCL was successfully completed on 24th August, 2015. The total realization was Rs. 9,369 crore. The lowest cut off during the OFS was Rs. 387/- per share. Accordingly, after 5% discount the offer price for employees was Rs. 367.65/- per share.

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Indirect Tax Collections During the month of April 2016 is Rs. 64,394 Crore which is an increase of 41.8% as compared to the collections made in the corresponding Period Last Year (April 2015): Excise Collections Register A Growth of 70.7% while Service Tax Collections Register a Growth of 27.9% in April 2016

Indirect Tax collections for the month of April 2016 was Rs 64,394 crore registering a growth of 41.8% as compared to Rs. 45,417 crore collected during the same period previous year i.e. month of April 2015. Overall growth in revenue collections on account of Indirect taxes excluding Additional Revenue Measures is 17%. The overall collections of Indirect Taxes during the month of April, 2016 amounts to achievement of 8.3% of BE target for Indirect Taxes for 2016-17.

The Revenue collections target for indirect taxes as per the Budget Estimates 2016-17 is Rs. 7,78,000 crore while the actual collections on account of indirect taxes during 2015-16 was Rs. 7,09,022 crore. Thus, there is an increase of 9.7% in BE target for 2016-17 over the last year actual collections.

As far as Central Excise collections in the month of April 2016 are concerned, Rs. 28,252 crore were collected during the month as compared to Rs. 16,546 crore in the corresponding period in the previous year and thus registering a overall growth of 70.7%.

As far as Service Tax collections in April 2016 are concerned, the total collections during the month of April, 2016 amounts to Rs. 18,647 crore as compared to Rs. 14,585 crore during the corresponding period (April 2015) last year and thereby registering a growth of 27.9% in the service tax collections.

As far as Revenue collections on account of Customs is concerned, Rs. 17,495 crore were collected during the month of April 2016 as compared to Rs. 14,286 crore during the corresponding period in the previous year i.e., April, 2015 and thus registering a growth of 22.5.% on account of customs collections.